ST. PETERSBURG, June 20. /TASS/. The global economy is transforming at a rapid rate, faster than at any time in recent decades, Russian President Vladimir Putin said.

"The global economy is undergoing the most significant transformation in recent decades. Countries of the global majority are ramping up their potential and shifting the balance of power and the entire economic situation planetwide. Whereas at the beginning of the 21st century BRICS nations accounted for only a fifth of the global economy, today they command 40%. And clearly, their share will only grow," he told the plenary session of the St. Petersburg International Economic Forum (SPIEF).

He emphasized that further changes are inevitable, primarily driven by the dynamic nations of the Global South. "It is important that this growth becomes increasingly sustainable and encompasses as many countries as possible," he added.

The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." Thematic zones such as the ‘Territory of Innovations’ and the national brand space ‘Buy Russian!’ will operate at the Forum.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. As part of the cultural program, the Petersburg Seasons festival will be held, and the SPIEF Sports Games will take place.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.